Fairfax calls 2023 “finest yr in our historical past” after quick assault

Fairfax Monetary Holdings has printed its monetary outcomes for 2023, calling the interval the corporate’s “finest yr” in its historical past.

The group, which just lately rejected allegations that it was manipulating asset values and earnings, reported the next numbers for the quarter and yr ended December 31:

Commenting on the outcomes, chair and chief govt Prem Watsa mentioned in a launch: “2023 was the perfect yr in our historical past with internet earnings of US$4.4 billion, producing document adjusted working earnings of US$3.9 billion (or working earnings of US$5.7 billion together with the good thing about discounting, internet of a threat adjustment on claims) from our property and casualty insurance coverage and reinsurance operations, reflecting information achieved in our core underwriting efficiency, curiosity and dividends of US$1.7 billion, and elevated beneficial outcomes from revenue of associates.

“All of our main insurance coverage and reinsurance firms achieved mixed ratios beneath 100% for a consolidated mixed ratio of 93.2% and underwriting revenue of US$1.5 billion, on an undiscounted foundation… We stay targeted on being soundly financed and ended 2023 in a powerful monetary place with US$1.8 billion in money and investments within the holding firm, our debt to capital ratio at 23.1%.”

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